Overview and Scope
An FRP tank is a composite product made of fiberglass-reinforced plastic, comprised of a polymer matrix and fiber reinforcement. These are used for storing any gas or fluid that is not corrosive to FRP.
Sizing and Forecast
The frp tank market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to corrosion resistance needs, regulatory compliance, cost-effectiveness, expansion of chemical processing industries, water and wastewater treatment, urbanization and population growth.
The frp tank market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to expansion of desalination plants, government investments in infrastructure, stringent environmental regulations, focus on chemical resistance, awareness of long-term cost benefits. Major trends in the forecast period include customization and tailored solutions, innovation in resin technologies, customization and design flexibility, advancements in manufacturing processes, maintenance-free and long lifespan, integration of smart technologies.
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Segmentation & Regional Insights
The frp tank market covered in this report is segmented –
1) By Resin Type: Polyester, Epoxy, Other Resin Types
2) By Fiber Type: Carbon Fiber, Fiberglass
3) By Application: Water/wastewater, Septic, Pulp and Paper, Chemical, Petroleum, Agriculture and Aquaculture, Other Applications
Asia-Pacific was the largest region in the FRP tank market in 2023 and is expected to be the fastest-growing region in the FRP tank market during the forecast period. The regions covered in the frp tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for oil and gas storage systems is expected to propel the growth of FRP tanks going forward. Oil and gas storage refers to tanks or terminals used to store generated oil and gas above or below ground. FRP tanks are used in the oil and gas industry to bulk-contain fluids at various stages of the refining process. These tanks are frequently used to kept products for only a short period of time before being shipped for further processing. For instance, according to the Council of the European Union, a Belgium-based government administration, the average percentage of member states’ gas storage tanks that were filled in December 2022 was 88%. The majority of EU members have gas storage facilities on their soil. Two-thirds of the EU’s overall storage capacity is made up of five nations: Germany, Italy, France, the Netherlands, and Austria. Therefore, the rising demand for oil and gas storage systems is driving the growth of the FRP tank market.
Key Industry Players
In March 2023, Shawcor, a Canada-based energy services company that specializes in products and services for the pipeline and pipe services segment of the energy industry, acquired the assets of Triton Stormwater Solutions for an undisclosed amount. The acquisition of Triton Stormwater Solutions’ technology portfolio allows Shawcor to further expand our ability to offer a complete, composite materials-based stormwater management solution. Triton Stormwater Solutions, a US-based company, provides underground FRP (Fiberglass Reinforced Plastic) tanks for liquid fuel and water management.
The frp tank market report table of contents includes:
- Executive Summary
- FRP Tank Market Characteristics
- FRP Tank Market Trends And Strategies
- FRP Tank Market – Macro Economic Scenario
- Global FRP Tank Market Size and Growth
- FRP Tank Market Segmentation
- FRP Tank Market Regional And Country Analysis
……………
- Key Mergers And Acquisitions In The FRP Tank Market
- FRP Tank Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global FRP Tank Market, Segmentation By Resin Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global FRP Tank Market, Segmentation By Fiber Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global FRP Tank Market, Segmentation By Application , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………….
Table 74: Shawcor Ltd. Financial Performance
Table 75: Enduro Composites Inc. Financial Performance
Table 76: LF Manufacturing Inc. Financial Performance
Table 77: Amiantit Fiberglass Industries Limited Financial Performance
Table 78: Future Pipe Industries LLC Financial Performance
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